As use of computer networks becomes more pervasive, there is a growing need to provide for the electronic execution/signature of contracts. Electronic execution of contracts can be both more efficient and cost effective than the traditional paper-based approach. Some specific types of contracts that are amenable to electronic execution are hardware purchase agreements and related service agreements. For example, in purchasing computer hardware, a purchaser may also desire to purchase an associated service agreement. As is well known, these agreements often range over a period of years and can have various pricing schedules. In many instances such contracts might have several different parties. For example, a first contract partner might sell hardware to a second contract partner who will resell the hardware to a customer along with a corresponding service package. Still yet, the first contract partner might sell hardware to a distributor who will resell the hardware to a second contract partner, who will then further resell the hardware and a corresponding service package to the customer.
Unfortunately, many concerns have been raised over electronic contract execution. One such concern is ensuring that electronically executed contracts are legally binding as intended. This can be difficult unless it can be ensured a third party has not fraudulently executed a contract using another party's identity. This concern was addressed by the above-incorporated patent application. However, another concern with such contracts involves avoiding any legal complications such as those raised by the Sherman Antitrust Act. Specifically, with contracts involving multiple parties such as the examples set forth above, the law might require that the contract partner originally selling the hardware, be a different entity than the contract partner selling the service package. Moreover, the law might also require that the contract partner selling the hardware be isolated from the terms and conditions of the service-based contract between the second contract partner and the customer. With the recent evolution of electronic contract execution, providing such isolation/security between the contracts has not been addressed.
In view of the foregoing, there exists a need for a method, system and program product for protecting electronic contracts created within a secure computer infrastructure. Specifically, a need exists for a system that will provide the required legal security between contract partners and their corresponding contracts, while still allowing for the adequate (electronic) development and execution of such contracts